Interim Management Statement

JPMorgan Smaller Cos IT PLC
28 November 2007

                JPMorgan Smaller Companies Investment Trust plc
                                (the 'Company')



                    Interim Management Statement (unaudited)

                  For the three months ended 31st October 2007


This interim management statement relates to the quarter from 1st August 2007 to
31st October 2007 and contains information that covers that period, unless
otherwise stated.


Financial performance - Cumulative Total Return *

                         1 Month      3 Months       1 Year       3 Years      5 Years      10 Years
Share price              7.6%         1.4%           14.7%        140.6%       300.1%       347.9%
Net asset value          7.6%         1.8%           23.3%        126.5%       284.1%       338.7%
Benchmark                2.5%         -4.4%          4.6%         49.0%        129.6%       102.1%


* total return with net dividends reinvested
Source: JPMAM/Fundamental Data



Financial position

                                    As at 31st                   As at 26th 
                                   October 2007                 November 2007
Net assets                        £141,946,529.8                 £119,685,366.7
Share price                           565.0p                         474.5p
Net asset value per share             678.1p                         571.8p
Discount                              16.7%                          17.0%
Gearing                               107.3%                         105.7%



Share prices shown are closing mid
Net asset values are shown excluding income with debt at fair value
Source: JPMAM/Fundamental Data



Material transactions


Changes to share capital

                                                          Ordinary Shares of 25p

Shares in issue as at 31st July 2007                      21,248,983
Shares bought back and cancelled                          316,000
Shares issued - new                                       -
Shares bought back into treasury                          -
Shares issued - from treasury                             -
As at 31st October 2007                                   20,932,983



During the quarter, the Company made market purchases of 316,000 of its own
shares for cancellation, representing 1.5% of the shares in issue at the
beginning of the financial year. The Company has not issued any shares in this
financial quarter.



Portfolio


Top ten holdings as at 31st October 2007



Stock name                     Sector                           Weight%
Senior                         Industrials                      3.0
Foseco                         Industrials                      2.8
Chloride                       Industrials                      2.3
Brewin Dolphin                 Financials                       2.3
Hyder Consulting               Industrials                      2.2
Hill & Smith                   Industrials                      2.2
Imperial Energy                Oil &Gas                         2.1
Chemring                       Industrials                      2.1
Wellstream                     Oil & Gas                        2.0
WSP                            Industrials                      2.0



Sector analysis as at 31st October 2007


Sector                                                Portfolio %

Industrials                                           52.1
Consumer Services                                     13.1
Financials                                            11.7
Technology                                            8.2
Oil & Gas                                             6.2
Health Care                                           3.9
Consumer Goods                                        3.2
Basic Materials                                       1.6
Telecommunications                                    0.6
Cash                                                  -0.6
Total                                                 100.0




By order of the Board
Lucy Dina, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
28th November 2007



Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ




This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.



Please note that up-to-date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmsmallercompanies.co.uk. For investor information please contact the
JPMorgan Helpline on freephone 0800 40 30 30.


                      This information is provided by RNS
            The company news service from the London Stock Exchange